How To Protect Your Online Store Against Fraud?

by julius johnsonOctober 25, 2018

The association of certified Fraud examiners recently reported that 50% of small businesses are a victim of fraud at one point or another in their business lifecycle. If you run an online store, this means you have to think of ways to protect your site from fraud and hacking because this is the main area where fraud is experienced. Types of fraud in e-commerce

There are different types of fraud in e-commerce, but the most common one is phishing or account take over or identity theft.

Account takeover:

If you provide customers with an account that store their personal information, perpetrators may hack the account by a phishing scheme. They will send an email tricking the customer to reveal the account info and therefore making unauthorized purchases.

Identity theft:

This is where fraudster can hack into your store databases and take usernames, passwords, card number, and other personal information.You may also experience friendly fraud where a person will make an online purchase and claim that his or her card was stolen and ask for a charge-back for the purchased goods.

Protecting your online store from fraud,

Cyber-crime is getting more sophisticated, so it is important to take appropriate steps to protect your site and your customers. Start with a secure e-commerce store: Nothing is completely secure, but you can try by using a secure platform. Make sure it has a secure online checkout, encryption for all customer info, and tools that do not store credit card information. Make sure it is also PCI compliance.

Use real-time fraud analysis: protect your store by setting a system alert which will let you monitor any kind of suspicious activity. Monitor the verification: Prevent e-commerce credit card processing fraud by going an extra mile when it comes to verification. AVS and CVV are some of the tools that can be used to reduce fraudulent charges by asking customers to enter their secret information. Please Like Share And Comment!!!